No Parachute for Penney's Ron Johnson

The former Apple Inc. executive agreed to be paid predominantly in stock when he was named chief executive of J.C. Penney Co. in 2011. He doubled down by purchasing warrants that are similar to stock options. And he gave up rights to any exit pay if he were fired.

Together, those decisions mean Mr. Johnson has little to show for his 17 months running the ailing...